China’s astonishing success in recent years is inextricably linked with technological progress.
In recent decades, the world’s most populated country has shown significant leaps forward: in economics, politics and other arenas, undergoing a massive transition compared over the past 200 years.
It has drawn the world’s gaze, not just because of its sheer size, but also because of its technological accomplishments that are setting a precedent for the rest of the world.
Hot Topics caught up with Doug Gurr, President of Amazon China at the GIC Great Global Investment Conference to find out the areas in which China is excelling. One of which is the Chinese mobile payments ecosystem.
“You can absolutely see a number of areas where technology is leapfrogging…mobile payments is another example. In China it is way ahead of anything you’ll ever see in the West – it’s really impressive – you can go to the scruffiest looking fruit seller on the street, and it will take cash and WeChat mobile payment.”
With such astonishing smartphone penetration, it’s no surprise that the Chinese mobile payments ecosystem is thriving.
Estimates put the figure at 520 million + users. Gargantuan in comparison to the U.S’s 160 million. And what’s more, whereas the Google’s and Apple’s of the West have to convince consumers that mobile payments are the direction to be heading, the Chinese on the other hand, have already accepted the pitch.
Such acceptance saw the total value of mobile payments reach $4.19 trillion in Q2 2015, a 445% increase on the same period last year.
One of the other trends mentioned by Gurr is “cross border e-commerce.”
Previously it tended to be quite a national game. This is clearly changing, and changing fast. When you look at the speed at which it is changing through a combination of government regulation, technological development, physical logistics capabilities, e-commerce is becoming a genuinely global business mega trend that I believe we will start to see a lot of.”
To learn more about trends and the Chinese mobile payments ecosystem, watch the video above.